Glencore expects up to $4bn profits from its trading division


07/24/2023

One of the biggest providers of commodities in the world, Glencore, has released its half-year results.



By the end of 2023, the company anticipates more trading division profits than what its long-term projections indicated. As a result, the company now projects $3.5–4 billion in pre-tax profit, up from its prior expectation of $2.2-3.2 billion.

Glencore made a record-breaking $6.4 billion in profit from commodity trading in 2018, an increase of 73% from 2021. The total net profit of the company increased by three times from 2021 to $17.3 billion.

Gross revenues for commodity trading corporations reached $115 billion in 2022, a 60% increase from 2021 and a new high for the sector. This came about as a result of the Ukraine conflict's extreme price volatility in exchange-traded commodities, particularly oil.

source: bloomberg.com